Wesco Planning To Spend Nearly $100M in Texas

DALLAS-Wesco Properties Inc., fueled with capital from a Southern California exit, is planning to ratchet up its buying focus in Dallas/Fort Worth. The value-add player wants to invest up to $100 million into multifamily property acquisitions after spending $50 million for four deeds, totaling 1,055 units, in the past two years.

Donald J. Pierce II, Wesco’s COO, tells GlobeSt.com that there aren’t any complexes under contract, but the plan is to acquire a minimum of 1,000 additional apartments in Dallas/Fort Worth. Pierce says Austin will be next in line, perhaps in 2009. Wesco’s sweet spot is 200 or more units in the $20 million, plus or minus, per deal price range.

Torrance, CA-based Wesco is reinvesting gain from four multifamily property sales in SoCal “at what we consider to be very good prices,” Pierce says. “And we’re taking our capital and redeploying it in Texas in a value-add strategy.”